For months, nobody had an answer. Bitcoin fell through $13,000, then $10,000, then $8,000 most recently. And still, some are calling for another 25% drop to $6,000, which is where a number of traders believe the cryptocurrency market will find an ultimate bottom before a multi-year bull market.
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But, there is growing evidence suggesting that the leading cryptocurrency will soon reverse to the upside.
Bitcoin Indicators Imply Impending Bottom
Mohit Sorout, a partner at Bitazu Capital, noted that a number of Bitcoin indicators are reaching an inflection point, which he believes is where BTC’s price will finally bounce. “[The] Relative Strength Index, positive Directional Indicator, and negative Directional Indicator all have to reset to an important horizontal level,” he argued before adding that “such levels have only one job: to turn the BTC price around.”
As implied by the chart that can be seen above, Bitcoin is likely to fall a bit lower to bottom (potentially to retest lows at $7,700), then begin a fresh bull trend, thus reversing the negative trend accentuated by the indicators.
RSI, +DI & -DI all have reset to an important horizontal level.
Such levels have only one job & that is to turn the $BTC price around. pic.twitter.com/0uvZWzfQqj
— Mohit Sorout